11 Jul 2011

Acquisition of Commercial Podium of Nan Fung Plaza completed

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​The board of directors of The Link Management Limited, as the manager of The Link Real Estate Investment Trust (“The Link REIT”; Hong Kong stock code: 823), announced that the acquisition of the commercial podium of Nan Fung Plaza was completed today pursuant to the sale and purchase agreement. The acquisition is the first one for The Link REIT since its initial public offering in 2005, and its first venture into managing a retail facility in a private sector residential estate, marking a new milestone in business development. With the addition of the commercial podium of Nan Fung Plaza, the number of properties in The Link REIT’s portfolio has increased to 181. Pursuant to the sale and purchase agreement entered into earlier, The Link Properties Limited acquired the commercial podium of Nan Fung Plaza for HK$1.17 billion.

 

Mr George Hongchoy, Chief Executive Officer of The Link Management Limited, said, “The acquisition of Nan Fung Plaza marks The Link REIT’s first venture into retail facility in private residential development and its first acquisition since IPO. It represents a new horizon of growth and an enhancement of our business strategy. It further demonstrates our capability in property investment and management. The addition of Nan Fung Plaza allows us to better leverage on our expertise in retail property management to bring about more business opportunities for retailers and better shopping environment for shoppers from the nearby areas.”

 
“We thank our tenants, customers and other stakeholders for their support over the years. We would also like to thank the Nan Fung Group, the vendor and developer of this property, for this deal.  We will continue to embrace a cautious growth strategy, and actively look for suitable acquisition opportunities,” said Mr Hongchoy.
 
The Link Management Limited is engaging retailers, nearby residents and other stakeholders in communication with regard to matters relating to this retail property.
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